Leonard Downie Jr. (former Executive Editor of The Washington Post) and Michael Schudson (Journalism Professor at Columbia University) have written an interesting paper on how to fix what's economically broken with journalism. "Reconstruction of Journalism" discusses the rise of "citizen journalism" and suggests that it's time for news outlets to explore non-profit avenues of support such as philanthropy, universities and government.
Downie and Schudson say that "There is unlikely to be any single new economic model for supporting news reporting" (p. 75). Thus individual news outlets are ultimately left to feel their way in the dark towards finding a model that will be profitable for them. Hopefully they will be able to find something that works soon before they lose all their capital just trying to stay afloat.
ScholarlyCommons at Penn: Annenberg update
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